Aj­man Bank fi­nal­iz­ing $205 mil­lion Is­lamic loan

DUBAI: Aj­man Bank, a United Arab Emi­rates-based, shari­a­com­pli­ant lender, is rais­ing a $205 mil­lion Is­lamic syn­di­cated loan, bank­ing sources said yes­ter­day. The loan, which has a two-year ma­tu­rity and a murabaha for­mat, will be com­pleted im­mi­nently, the sources said, with one say­ing it would close as early as to­day. Aj­man Bank did not respond im­me­di­ately to a re­quest for com­ment. The loan is backed by len­ders in­clud­ing Noor Bank, which is in­vest­ment agent and bookrun­ner, and Dubai Is­lamic Bank , the sources said. Aj­man Bank raised $155 mil­lion through an­other two-year murabaha loan in March last year and an ad­di­tional $200 mil­lion three-year syn­di­cated Is­lamic debt fa­cil­ity in Jan­uary 2015.